Housing starts fall in December after surging a month earlier

Andrew Khouri

New residential construction fell less than expected in December, capping a year of resurgent construction activity.

Housing starts dropped 9.8% from a multiyear high in November to a seasonally adjusted annual rate of 999,000, the Commerce Department said Friday. A rebounding housing market in 2013 pushed starts for the entire year 18.3% higher than 2012.

Analysts polled by Bloomberg News had forecast December starts to fall to a 985,000 rate. November’s strong numbers were also revised upward, from 1.09 million to 1.11 million.